BBLN - Why Babylon Holdings Stock Plummeted by 15% Today
Next-generation healthcare company Babylon Holdings (NYSE: BBLN) was hardly the picture of health on Tuesday. The company's stock took a more than 15% tumble on the day, due largely to a dilutive new share issue.
Before market open, Babylon updated investors about that issue, which was first announced on Monday. The digital healthcare services specialist said that it had received $80 million in total subscriptions. These were offered in a private investment in public equity (PIPE) round for investors.
Babylon was offering the subscriptions at just over $0.42 per ordinary share of the company. All told, it is selling just under 190 million of the shares, up from the nearly 146 million announced on Monday.
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Why Babylon Holdings Stock Plummeted by 15% Today